The Tax Cuts and Jobs Act Is Passed!

The Senate voted along party lines after midnight Tuesday to pass a sweeping $1.5 trillion tax bill that slashes tax rates for corporations, provides new breaks for private businesses and reorganizes the individual tax code.

The House approved the bill earlier Tuesday but will have to vote again on Wednesday. Democrats in the Senate persuaded the chamber's parliamentarian that several minor provisions in the House bill violated Senate rules, forcing the House into an embarrassing second vote.

One of those provisions would allow 529 savings accounts, which are now used for college tuition, to help finance home schooling. Another would exempt a small tuition-free college in Kentucky from a new tax on endowments.